The bill proposes raising the state-and-local-tax deduction cap to $40,000 with a 1% increase every year through 2029, then reverting to $10,000 in 2030. It sets the income threshold at $500,000 and increases it by 1% annually through 2029.

The Senate passed President Trump’s “Big Beautiful Bill” July 1, giving the president his most significant legislative victory in his second term.

The legislation now heads to the House for possible final approval, though a handful of Republicans there have already voiced opposition.